All UK operations too close
3 replies (most recent on top)
Wireline got 8 weeks severance. Field camp in Duncan. That’s the only PSL I have heard.
EMAIL LOGO
TO:
All Halliburton Employees
FROM:
Jeff Miller – chairman of the board, president and CEO
SUBJECT:
Market impact to Halliburton
What we are witnessing is unprecedented and changing the way we live, work, and interact with one another.
The COVID 19 global pandemic has disrupted our work and home lives and is teaching us to work differently to maintain our operations. Thank you for your commitment to delivering the same exceptional service that our customers expect from us even during the most trying of times. Our work does not stop, and I am impressed at how our organization is adjusting daily to ensure we keep our operations running and our employees healthy and safe.
The global oil market is presenting additional challenges to our industry. Oil prices are at a 17-year low. Customers are slashing capex budgets. Rig count is down approximately 18 percent from the beginning of the year and is expected to continue its decline from here. Just as we are adjusting for the pandemic, we must take action to adjust our operations to the current and projected business environment.
It is with a heavy heart that I announce that over the coming weeks, we will significantly reduce our workforce. This was a painful decision, and I am fully aware of the difficulty this will cause our impacted employees. Unfortunately, this action is necessary as Halliburton adjusts to the market. For those of you who are impacted, we are grateful for your many contributions to our Company, and we will treat you with the utmost dignity possible as you depart from Halliburton.
As we make these reductions, we are taking numerous other actions to reduce our costs, including the following:
We are reducing the salaries of the Halliburton Executive Committee.
We are suspending the 2020 Focal Point.
For US employees, we remain committed to preserving the match on the 401k Retirement & Savings (R&S) Plan in order for you to save for your retirement. However, we will suspend the basic contribution made at the end of the year. To be clear, we have already made the basic contribution for 2019 to your R&S account. However, for the 2020 plan year, there will be no basic contribution made to your account at the beginning of 2021.
These actions will help our great Company successfully manage through this challenging environment and to emerge as the strong industry leader that we are. There will be many companies that will not survive these market conditions, but I know we will – as we have done so many times before. It won’t be easy, and it won’t be without sacrifices. Please stay focused and do what we do best – work together, maintain our integrity, safety and other core values and deliver outstanding service to our customers.
This email, including any attached files, contains confidential and privileged information for Halliburton employees only. Any review, use, distribution, or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive information for the intended recipient), please contact the sender by reply email and delete all copies of this message.
Can anyone post the email content here?